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Oil prices extend gains as US draws heavily on stocks

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Analysts say fundamental outlook is bullish as several Opec+ producers struggle to ramp up output to meet rising demand

Pedestrians on Wall Street in front of the New York Stock Exchange on September 7 2021.Picture: BLOOMBERG/MICHAEL NAGLE

Both contracts jumped 2.5% on Wednesday after data from the US Energy Information Administration showed US crude stocks in the week to September 17 fell by 3.5-million barrels to 414-million barrels — the lowest since October 2018. The dollar, which usually has an inverse relationship with commodities prices including oil, eased slightly from a one-month high, after the US Federal Reserve set the stage for rate hikes next year but left enough breathing room to slow things down if necessary.

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Decline in US oil stocks pushes prices upUS crude stock fell 6.1-million barrels for the week ended September 17 — much more than the 2.4-million barrel drop some analysts had expected The ever fluctuating crude oil prices.. Until the whole world get to know how good and generous she is I won't stop saying this because my life has taken another great shape financially, LindaStouffes
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